The U.S. Dollar Pares Gains In Asian Trading

• 24 Oct 2017

USD/CAD

The USD/CAD pair appears to be struggling to move beyond the 1.262 price level which has served as a resistance level previously. RSI has bounced back from overbought conditions and has a downward trajectory. Price action is also testing the upper Bollinger band, further indicating the asset is overbought. A bearish reversal may be imminent.

USD/JPY

The USD/JPY has spiked through the 113.99 price level and dropped back down below the upper Bollinger band. RSI has also retraced from the 70 resistance level and MACD has a downward trajectory despite indicating that sentiment is still bullish.  The next likely price target is the 112.87 price area.

SILVER

Silver is testing the 17.11 price level after having just broken the 20-period EMA. At the same time, MACD is on the verge of breaking the zero line to the upside. RSI also has an upward trajectory having broken the 50 support line, therefore momentum may push price action beyond the 17.11 price level, with the next target at the 17.37 price level.

EUR/GBP

The EUR/GBP has broken the 0.892 price level and 20-period EMA simultaneously, with the next price target at the 0.877 price line. MACD remains below the zero line and RSI has crossed the 50 support line with further downside potential. It appears momentum is with sellers of the Euro.